Assignment Task:
Mr. A - Annual Salary $120,000, Vacation pay 10%, Pay period frequency: Monthly. Number of hours required to work monthly is 160. Any hours over 162 is considered overtime.
Mr. B - Annual Salary $163,000, Vacation pay 4%, Pay period frequency: Semi-monthly. Mr. B is required to work semi-monthly is 80, any hours over 85 is considered overtime.
Mr. C - Annual Salary $99,000. Vacation pay 6%, Pay period frequency: Monthly. Number of hours required to work monthly is 150. Any hours over 155 is considered overtime.
Please calculate CPP Premium for each employee. Maximum CPP contribution in 2022 is $3,499.80 while CPP rate is 5.7%.